The fee of a private colleges and universities in 2006-2007 is on averge $22,200. If you substract the averge grants and taxbenefits from the federal goverment and other sources the net fee for school is $13,200.

About 65% of all students need loans to cover the cost and start after gradution with a average college loan of $19,200.

If you need to borrow money for college here are some simple tips to help you reduce the amount of debt.

1. Look for a federal grant
2. Tax benefit for education
3. Repaying debt faster

Federal Grants

D id you know there are a lot of sorts of federal grants that are willing to pay you? A good guide in this maze of Free Grant fundings is here. Let me know how much you got from the goverment. Click here to get the guide to free goverment grants

Tax Benefits
You can claim upto $2,500 in tax deduction for the life of the education loan. This is even for parents that help their kids going thro college and take out a loan theirselfs. Read the form at the IRS site at http://www.irs.gov/pub/irs-pdf/p970.pdf

Paying College loan faster
Altho it is tempting to spread your loan repayment over a longer periode it is in fact hurting you financialy as you pay much more money. I will make a college loan repayment calculator in the next few days to show you the difference and you will be shocked about the amount of interest you have to pay. So please remember..faster is not always bad.